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Interest rates unchanged in Turkey

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No changes, no surprisesĀ in Turkey.

  • Benchmark Repo Rate 7,5%
  • Overnight Lending Rate 10,75%
  • Overnight Depo Rate 7,25%

In its statement, CBT in Ankara omits usual reference to 10.25% funding rate for market maker banks (as previously announced in its roadmap of monetary policy normalization).

Statements from CBT:

  • Loan growth rates reasonable, consumer loans moderate, supporting C/A improvement.
  • Foreign demand remained weak in 1H, domestic demand moderately contributed to economic growth.
  • Growth composition seen gradually changing in favor of net exports due to rising demand in EU
  • Energy price developments impacting inflation positively.
  • FX movements delaying improvement in core inflation trend
    Tight stance in liquidity policy to be preserved

TRY deppreciates, USDTRY above 3.02

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